Post Office will Give You Money Every Month — Easy Details

There are many schemes operated by the Indian post office to provide financial support to every part of the society. There is a scheme to provide you a good and steady income from investment. If you invest in the Post Office Monthly Income Scheme ( MIS ), you can get money every month. But how much can you invest in the Post Office Monthly Income Scheme? Let’s know.

You can earn some steady income every month by investing in the Post Office Monthly Income Scheme (MIS), a government-backed savings scheme. If you invest in this scheme, you will get 7.4 percent interest per annum. You can get some fixed income every month based on the investment you make. However, if the account holder does not claim the monthly interest, then no higher interest will be earned on it. Money is deposited into the post office account through auto credit or transferred to a bank account.

Rules for investment

A minimum investment of Rs. 1000 can be made in the Post Office Monthly Income Scheme. Investments can be made in multiples of Rs. 1000.

• A maximum of Rs. 9 lakh can be invested through a single account, and up to Rs. 15 lakh can be invested through a joint account.

• If an individual has different accounts, the total investment made in this scheme through all of them should not exceed a maximum of Rs. 9 lakh.

Who can invest?

• Any Indian citizen can invest in this scheme.

• A maximum of three people can invest together through a joint account.

• Guardians can invest on behalf of minors.

• Those who invest in this scheme will get interest deposited in their account every month. After a year of opening the account, they can withdraw some or all of the invested amount.

• This account cannot be closed within a year.

• If you want to close the account before three years, you have to pay a penalty of 2 percent of the deposit.

• To close after three years, 1 percent must be refunded.

• As part of this scheme, investments must be made for 5 years.

• After 5 years, the account matures and you can get the money along with interest.

For complete information regarding the Post Office Monthly Income Scheme (MIS) scheme, you can contact your local post office or the official website of the Postal Department.